Starwood Land Ventures has launched a $75 million joint venture with land developer Cold River Development to target the Atlanta metropolitan area.
It comes just two days after the affiliate of the private equity real estate firm, Starwood Capital Group, bought a portfolio of 2,500 residential home sites in Arizona, California and Florida.
The JV, called CoStar Land, will target home sites, zoned land and other single-family residential properties in the 23-county Atlanta metro service area, according to Mike Moser, east region president of Starwood Land. “This opens the door for new opportunities in several attractive niche development markets,” he said.
Starwood Land Ventures has been actively buying land across the US over the past few months and has formed partnerships with builders, developers, lenders and land holders in Houston, Raleigh, Northern and Southern California, and Northern Virginia
Starwood Land has said the current credit climate was creating opportunities for private equity real estate firms to acquire residential developments as well as provide equity and loans to developers, and purchase debt from lenders.